As an experienced analyst, I have closely watched Bitcoin’s price action over the past few days. Based on the current trend, it appears that Bitcoin is facing some hurdles in its attempt to recover above the $62,400 resistance zone. Although we saw a break above a major bearish trend line and the price is trading above key support levels such as $61,500 and the 100 hourly Simple moving average, the lack of a clear upward trend suggests that Bitcoin could be in for another decline.
As a researcher studying the Bitcoin market, I’ve observed that the cryptocurrency has been consolidating its position above the significant support level of $60,550. A successful breakout above the resistance at $62,400 could prevent further price declines and potentially lead to an upward trend.
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Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.
The price is trading above $61,500 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another decline unless there is a close above the $62,400 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin’s price faced challenges in surpassing the $62,400 mark as a barrier. After falling below $62,000, bulls managed to preserve the critical support level at $60,550. The peak price reached was $62,297 and currently, Bitcoin’s price is experiencing consolidation.
In recent hours, Bitcoin (BTC/USD) surpassed a significant bearish trend line on its hourly chart, with a resistance level at $61,250. The pair is currently above the 50% Fibonacci retracement mark of the price increase from the $60,580 trough to the $62,297 peak.
As a crypto investor, I’m excited to see Bitcoin’s price currently hovering above the $61,500 mark and the 100-hour Simple Moving Average. Should we experience further growth, it’s important to keep an eye on potential resistance levels. The first significant resistance lies around $62,400. However, if Bitcoin manages to surpass this level, the price could face even stiffer resistance near $62,250.
If we reach $62,500 as the next significant resistance level, surpassing it could lead to a steady price upward trend, potentially taking us to $63,500 for further testing. Beyond that, the Bitcoin price might continue climbing towards the nearby resistance at $64,400.
Another Decline In BTC?
Should Bitcoin be unable to surpass the $62,400 barrier, there’s a risk of another price drop. The nearest support can be found around $61,450 and the 100-hour SMA.
The first major support is $61,150 and the 61.8% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high. The next support is now forming near $60,550. Any more losses might send the price toward the $58,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,150, followed by $60,550.
Major Resistance Levels – $62,250, and $62,400.
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2024-06-28 06:05